Investor wealth erodes by Rs 3.25 lakh crore as Sensex plummets over 1000 points

New Delhi: Investors witnessed a wealth erosion of Rs 3.25 lakh crore in BSE-listed companies on Thursday as markets saw huge crash at close.

Led by the weak trend in the equity market, the market capitalisation of BSE-listed companies fell by 3,25,464.52 crore to Rs 1,57,31,141.32 crore as compared to 1,60,56,605.84 lakh crore on Wednesday.

Markets snapped its 10-session winning run to close deep in the red on Thursday amid a broad-based selloff in global markets.

The 30-share BSE index plummeted 1,066.33 points or 2.61 per cent to end at 39,728.41. The broader NSE Nifty crashed 290.70 points or 2.43 per cent to 11,680.35.

Other than Asian Paint, all the major stocks in the Sensex pack closed in the red. Major losers were Bajaj Finance, Tech Mahindra, ICICI Bank, IndusInd Bank, ICICI Bank, SBI, Reliance Industries, Bharti Airtel, HCL Tech, Kotak Bank, Bajaj Finserve and LT, falling upto 4.68 percent.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended up to 2 per cent lower. Stock exchanges in the Europe slumped up to 3 per cent in early deals. Meanwhile, international oil benchmark Brent crude was trading 2.17 per cent lower at USD 42.38 per barrel.

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In the forex market, the rupee pared its initial gains and settled 5 paise lower at 73.36 against the US dollar.

In the previous session, Sensex ended at 40,794.74, up 169.23 points or 0.42 per cent, while the broader Nifty rose 36.55 points or 0.31 per cent to 11,971.05.

Exchange data showed that foreign institutional investors bought equities worth Rs 821.86 crore on a net basis on Wednesday.

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